16. Research and development incentives receivables
The table below illustrates the R&D incentives receivables related captions in the balance sheet as at 31 December 2019 and 2018.
|
31 December |
|
|---|---|---|
(thousands of €) |
2019 |
2018 |
Non-current R&D incentives receivables |
93,407 |
73,443 |
Current R&D incentives receivables |
21,949 |
11,203 |
Total R&D incentives receivables |
115,356 |
84,646 |
The increase in R&D incentives receivables is explained by additional R&D incentives reported in 2019 for €34.1 million (€12.4 million related to French R&D incentives and €21.7 million related to Belgian R&D incentives), by the release of discounting profit of €0.1 million, decreased by the setup of tax provision in France for €0.4 million and decreased by the payments received related to Belgian R&D incentives amounting to €3.0 million. The R&D incentives receivables are future expected refunds or tax deductions resulting from R&D incentives on research and development expenses in France and Belgium. Non-current R&D incentives receivables are reported at their net present value and are therefore discounted over the period until maturity date.
The table below provides detailed information on the maturity of the non-current R&D incentives receivables reported in our balance sheet at 31 December 2019.
|
31 December 2019 |
|
||||
|---|---|---|---|---|---|---|
|
Maturity date |
|
||||
(thousands of €) |
2021 |
2022 |
2023 |
2024 |
2025 – 2029 |
Total |
French non-current R&D incentives receivables – discounted value |
9,668 |
10,223 |
11,913 |
|
|
31,804 |
|
|
|
|
|
|
|
Belgian non-current R&D incentives receivables – discounted value |
4,881 |
5,734 |
7,534 |
10,190 |
33,263 |
61,603 |
|
|
|
|
|
|
|
Total non-current R&D incentives receivables – discounted value |
14,549 |
15,957 |
19,447 |
10,190 |
33,263 |
93,407 |